{
    "complex": false,
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "replication_method": "physical",
    "ucits": true,
    "type": "ETF",
    "complex_factors": [],
    "classification": "non-complex",
    "supporting_data": "The SPDR S&P Global Dividend Aristocrats UCITS ETF is a physically replicated, UCITS-compliant ETF that tracks the S&P Global Dividend Aristocrats Quality Income Index. The KIID and PRIIPs KID confirm that the fund uses a replication strategy to track the index, with no mention of synthetic replication, swaps, or leverage. The fund's investment objective is straightforward: to track the performance of high-dividend-yielding equities globally. The risk profile is rated 6/7, but this reflects the volatility of the underlying equities rather than structural complexity. The fact sheet confirms physical replication and no derivative usage beyond standard ETF operations. There are no capital protection features, inverse strategies, or complex structured products. The fund's simplicity, transparency, and UCITS compliance align with MiFID II's non-complex classification.",
    "confidence": 95
}